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DXY futures

  • DAXY Futures rallied on Tuesday, breaking above 81.760 (resistance turned into support), the upper boundary of the sideways path it’s been trading in recently. In my view, the move above that hurdle signals the continuation of the uptrend, marked by the blue upside support line. Today, during the European morning, the price halted marginally below our resistance line of 82.140 (R1), the highs of the 11th of September. A decisive violation of that line could extend the rally and challenge the highs of the 5th of September at 82.700 (R2). Nevertheless, the RSI shows signs of topping and could exit its overbought territory in the near future. As a result, a pullback is likely before the longs pull the trigger again, perhaps to test the 81.760 (S1) level as a support this time. On the daily chart, an inverted head and shoulders formation was completed upon the violation of the 81.000 barrier, signaling a trend reversal and a first possible price objective is seen near 83.150 (R3)Support: 81.760 (S1), 81.400 (S2), 81.250 (S3)Resistance: 82.140 (R1), 82.700 (R2), 83.150 (R3
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